Nifty futures opened today on a strong note @ 5145 on back of Global cues. The Dow closed above 10,000 level giving a huge boost to the morale.But, since opening it faced heavy selling taking it back below 5100. It made an intraday Low of 5067 before finally closed @ 5113.
Nifty Futures is showing some signs of weakness even though it made new high today. As mentioned earlier at this pace it cannot even cross 5200. It has to gain momentum above 5100 Area to show some positive sentiment. No important levels are broken in todays trading session.
Our view on Nifty futures is Bullish. It has manged to give a good close today above 5100, so the near term target of 5200 is intact. And above that the resistance is all the way at 5375 area.On the downside, there is a minor support @ 5050 Area,. But still major support is found @ 4900.
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